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Issues that can prompt the need for immediate debt relief

On Behalf of | Jun 11, 2018 | Bankruptcy | 0 comments

Most New York residents, as well as people in other states, understand what it’s like to face temporary financial problems. From minor issues, such as having to pay a late phone bill or come up with some cash to get a few extra groceries before the next paycheck arrives to serious problems involving creditors threatening litigation or lenders saying they’re considering foreclosure, financial crises of any kind can be quite stressful.

You can solve most financial problems by determining the best course of action according to your circumstances. There’s no general rule for resolving such issues; in fact, what works for one problem may not be viable in another situation. This is why it’s critical that you explore all available options to figure out which solution best fits your needs before taking any formal action to resolve a financial crisis. It often helps to speak with others who have successfully overcome similar problems in the past.

Issues that often trigger financial trouble

Have you ever had to borrow money from a family member or a friend to help make ends meet when an unexpected financial problem arose? Several key issues in the following list often lead to major money trouble:

  • Many financial analysts say divorce is the number one cause of a financial crisis that often leads to bankruptcy. Perhaps you were already experiencing financial problems leading up to your divorce; in fact, money issues may have caused the break down in your marriage. Divorce can cause additional financial problems.
  • If you or your spouse recently graduated from college, you may be among thousands of college grads in New York who are now struggling to pay back a student loan. Such debt often causes serious financial issues that can lead to bankruptcy.
  • Using credit as cash or meeting your living expenses by paying bills with your credit card may seem like a good idea at time until you’re unable to pay off the monthly balance and wind up taking an even bigger hit because of increased interest rates.

Many people hesitate to seek assistance when trying to find solutions for major financial problems. Some are simply too embarrassed to discuss their personal situations; others aren’t sure where to turn for support. If you’re worried about possible home foreclosure or have been unsuccessful in your attempts to get your finances straightened out, you can tap into local debt relief resources to learn more about the financial restoration options that may be available to you.